Brisbane

Brisbane industrial property sold for over AUD 2.5 million

BRISBANE, 19 FEBRUARY 2015 – 266 Evans Road, Salisbury has been sold to a private investor for $2,550,000 in a deal negotiated by JLL’s Samuel Stewart and Shaun Canniffe.

The property, which has a total land area of 3,938sqm, and comprises 2,498sqm of office and warehouse accommodation, achieved a solid yield of 9.01% on a three year lease term with a three year option.

JLL Negotiator for Industrial in Queensland, Mr Samuel Stewart, said the site came to be for sale after JLL sold a neighbouring property on Evans Road.

“We had just sold the neighbouring property at 262 Evans Road when we were contacted regarding the sale of 266 Evans Road,” he said.

“Due to the strong level of interest we received on the neighbouring site and the increasing demand from investors, we opted for a formal Expressions of Interest campaign for the sale of 266 Evans Road which proved to be quite competitive.”

“After a strong level of initial enquiries and inspections, an offer was received and subsequently accepted before the close of the campaign.

The purchaser was interstate and had engaged an experienced buyer’s agent from Prosper Group to act as their representative in identifying and securing a suitable investment property.

“The property appealed to the purchaser’s representative for a number of reasons including its prominent location, established existing tenant, and proximity to the CBD and transport infrastructure. They saw the property as a stable and lucrative investment.

“We believe this a good sign for property values within the Salisbury precinct; the two secondary grade assets were very similar in terms of lease structure, construction and site coverage with both achieving passing yields close to 9.00%. It’s a strong signal for the region,” said Mr Stewart.